Bitcoin of goud? De vergelijking is absurd
Met zowel goud als Bitcoin als veilige havens tegen al te wilde koerswijzingingen en een dreigende recessie, worden beide assets al wel vergeleken.
Maar lang niet iedereen is het daar mee eens.
It has to be stressed that in the midst of the market mania in which we find ourselves, the cult-like fervour behind cryptocurrencies such as bitcoin has become untethered.
No one ever talks about the risk that gold could go to zero — because it can’t
Publicatie 21 december
Bitcoin has indeed proven itself as a more enduring asset than many had predicted after the first few bubbles burst in 2013 and 2018, and there have been several high-profile institutional investors expressing interest in recent months. But we continue to believe that the comparisons between the digital currency and gold are absurd.
It’s understandable that alternative assets would come into vogue in the current macro environment, where central banks, and the U.S. Federal Reserve in particular, have probed the outer limits of monetary policy and expanded their balance sheets more so than at any other time, including in the aftermath of the Global Financial Crisis.
And with trust in the U.S. government deteriorating at the same time that gobs of stimulus are being released into the economy, investors are wise to be looking for a store of value as a hedge against uncertainty, currency depreciation and inflation risks (though we don’t see meaningful inflation emerging any time soon).
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